Filing an income tax return (ITR) is an annual responsibility for taxpayers in India. It ensures compliance with the law and helps individuals claim refunds, report income and disclose tax-saving investments. With the assessment year 2025-26 approaching, taxpayers are already looking at the income tax return filing due date, applicable tax slabs, and penalties for late filing.
About Income Tax Return (ITR)
An Income Tax Return is a statement filed by individuals and entities with the Income Tax Department. It declares income, deductions, tax liability and taxes paid. Filing an ITR is mandatory for individuals with taxable income above the exemption limit, as well as those who wish to carry forward capital losses or claim refunds.
ITR Filing Deadline 2025
For the financial year 2024-25 (assessment year 2025-26), the ITR filing due date for individuals not requiring audit is expected to be 31 July, 2025. For taxpayers whose accounts are subject to audit, the deadline is usually extended to 15 September, 2025. Any official itr date extension or income tax due date extension latest news will be notified on the income tax portal.
ITR Filing Steps
- Login to the income tax portal using PAN and password.
- Choose the relevant ITR form for AY 2025-26.
- Fill in income details including salary, business income and capital gains.
- Claim eligible deductions under sections like 80C, 80D, and others.
- Pay any self-assessment tax due.
- Submit the return and verify electronically.
Documents Required for ITR Filing
- PAN and Aadhaar card
- Form 16 from employer
- Bank account details
- Investment proofs for deductions
- Capital gains statements from brokers (if applicable)
- Interest certificates from banks or post office
ITR Verification Through Aadhaar
Once the return is filed, it must be verified. One of the simplest methods is Aadhaar OTP verification. Taxpayers can select the Aadhaar option while submitting the return and complete verification using the OTP sent to the registered mobile number.
Capital Gains and Tax Slabs
Capital gains are profits earned from the sale of assets such as property, shares or mutual funds. They are taxed separately as per holding period and asset class. Short-term gains are taxed at slab rates, while long-term gains attract a concessional rate (often 10% or 20%).
For AY 2025-26, individual taxpayers continue under the old and new tax regimes:
- Old Regime: Multiple slabs with exemptions and deductions.
- New Regime: Simplified lower rates but without most deductions.
Last Date for ITR Filing 2025
The last date to file ITR for AY 2025-26 is 15 September, 2025. Taxpayers are advised to avoid last-minute rush and complete itr e filing well before the deadline.
Penalty After Last Date
If the return is filed after the due date but before 31 December, 2025, a late fee of up to ₹5,000 may apply. Returns filed after 31 December, 2025 may attract a penalty of ₹10,000. Additionally, delayed filing results in loss of certain benefits like carrying forward capital losses, and interest under section 234A may be charged on unpaid tax.
Disclaimer
This article is for informational purposes only and should not be treated as professional tax advice. Taxpayers are advised to consult a qualified tax professional or refer to the official income tax portal for the latest rules and notifications.
FAQs
Q1: What is the ITR filing due date for AY 2025-26?
A: The due date for most individual taxpayers is 31 July, 2025. For those requiring an audit, it is generally 15 September, 2025.
Q2: Can I file my ITR after the due date?
A: Yes, you can file a belated return, but it will attract penalties and interest. Some benefits like carrying forward capital losses are also lost.
Q3: What is the penalty for missing the ITR filing deadline?
A: A penalty of up to ₹5,000 applies for returns filed after 15 September 2025 but before 31 December, 2025. After that, it may increase to ₹10,000.
